PitchBook-2023年二季度全球私人市场筹资报告（英）-2023.8-31页_2mb

报告摘要

Overview
Global Q2 2023 private market fundraising declined by 30.9% YoY, totaling $1.1066 trillion. Strategies saw varied performance: Private equity fell 16.6% YoY ($454.6B), venture capital dropped sharply by 47.0% YoY ($185.3B), real estate declined 19.2% YoY ($134.7B), and debt rose contrary to trends.
SPOTLIGHT: Private Capital Cash Flows
Cash flows in private markets were slightly negative in 2022, influenced by new funds needing capital calls outpacing distributions from older funds. PE was net positive since 2011 (except 2019), while VC has been cash-flow negative except once. Downside: Higher fundraising prioritizes growth over distribution stability.
Private Equity (PE)
Q2 fundraising improved from Q1, with $107.1B raised (129 funds). Larger funds like TA XV ($16.5B) drove success. Middle-market funds surged in appeal (60% of YTD funds), while megafunds faced fatigue from allocators. Europe's share increased 10.2%, tracking amid European megafunds.
Venture Capital (VC)
Globally, VC fundraising fell 53.6% YoY, with large funds (over $1B) down to 15.0% of commitments. Valuation drops posed challenges, reducing LP appetite as they overallocated to underperforming large funds. Exit environment complicated fundraising timelines.
Real Estate
Fundraising normalized at $58.3B H1 2023, dominated by Blackstone ($30.4B closed). Experienced firms garnered 96.7% of capital, focused on North America. Core strategies declined, while opportunistic funds rose in share, amid reduced consumer concerns during a mild US recession risk.
Real Assets
Raised a flat $9.1B H1 2023, a slowdown overall. First/fifth-generation funds saw most commitments (97.1%), distribution shifts due to veteran funds aging. Sector focus: Energy transition or infrastructure within fintech or transportation.
Private Debt
Fundraising at $98.9B (Q2) shows minor YoY declines but strong start. Mezzanine funds dominated (30.1% YoY), offset by retail slowdown. Despite tighter loan conditions, private credit boomed, exceeding $200B in annual fundraising prospects.
Funds of Funds (FoF)
Q2 raised $7.4B, a YoY decline. VC FoF peaked in 2019 and declined due to poor exits. Yet, newer geographic funds (like Asian and European) with varied strategies, including platform and evergreen options, showed investor shifts.
Secondaries
H1 2023 totaled $34.9B, over half of 2022’s total. The Q2 drop reflects timing, not a trend. LP-led transactions are expected to increase H2 with better pricing, driving secondary fund activity.
Top Funds by Size
TA XV and Blackstone RE Partners X were largest closes, signaling robust fundraising in certain areas. Strategies like PE and real assets saw smaller, more frequent funds in other markets, highlighting diversification trends.